Top 5 Quote-And-Buy Platforms
Updated: Nov 28, 2020
First thing's first - there is no best platform. It doesn't exist.
Every platform on the market will likely prove a viable option for most businesses and what might be best for one, may prove wildly ineffective for another. It's about establishing what is important to you, the need of your business and aligning that with the right vendor who can match them.
However, here are our Top 5 platforms that impressed me the most, for varying reasons at various price points, and make up a good panel of suppliers to cover most customers needs. Were I to set up my own delegated authority broker/MGA tomorrow, they would be my personal first ports of call.
As a result, some vendors aren't included obviously included, sadly that's how Top 5 lists work. But that does not mean they should be excluded from your consideration.
My top pick and the swiss-army-knife of systems, they really have a tool for everything, which is why I rate them so highly. They've already evidenced scale in South Africa, whilst their Swagger-UI API interface provides a healthy dose of future-proofing through the ability to access data and integrate in and out. I also found their product building tool to be the most consistent and intuitive, something vital if you plan to build and change your own products internally. Perhaps the thing that jumps out for me most though, is their desire to be a collaborative partner - lots of people talk about this, but few truly deliver as Genasys do.
Five minutes alone with anybody at Vesuvio and you'll very quickly realise you're not the smartest person in the room. What struck me when working with them is that things I think are complex appear trivial to them and they're always looking to the horizon on pushing the boundaries of what they can do. If you have the expertise in-house and are willing to put the time in with their team, Cicero is probably the most configurable option and has some great supplementary offerings that can be plugged in like Munin (for document processing), Distribind and Schematic (for product building).
If you're a current Salesforce user, you should definitely take a look at Aventus. They've built their platform atop of SFDC, enabling your quote-and-buy distribution to interact with your the world's most powerful CRM seamlessly. As a bonus, you'll never struggle to find a Salesforce developer, which gives you lots of scope for bespoke development of the platform to your needs. You'll benefit visually from a single entry point and record of truth which can prove invaluable in today's digital jungle.
A solid option that really comes into its own with businesses who are cross-selling multiple classes of business to the same customers. If you're selling, for example, motor/household/life to customers, the interface is heavily geared towards that style of distribution with a real self-service 360 client view. They also have access to all the aggregators and major software houses, which is invaluable within these classes of business and for those operators a traditional brokerage alongside.
At Evermore, we often talk about the importance of building an interconnected ecosystem. House of InsurTech has built a truly open API play that enables you to plug InsurForce into that ecosystem to tackle your product rating and digital distribution. The latter is where it truly comes alive as it's been built in such a way that you can build a truly bespoke and customer-centric quote-and-buy experience. This one is all about agile, digital distribution for those who are focussed on selling insurance policies and product rating.
I would caveat this recommendation heavily in that the recommendation is one based on potential. The current system is missing some small elements I'd still like to see, but the platform that has been built thus far is exceptionally clean and easy to use. I think this could be a real player in the next 12-18 months. You can tell that a lot of love has gone into the look and feel of the system and functionality has been well designed by people who clearly understand insurance. The ability to integrate makes filling in some of the gaps entirely possible during the short term, but with the price point starting from £999 per month, it's mouth-watering proposition, as we've witnessed many of the vendors at that level move on to bigger fish.
There are many we could include as honourable mentions such as Cloud Insurance who we were really impressed by as a pure quote-and-buy distribution play and will be watching closely. SchemeServe, who I used to work for, still remains an underrated platform with a depth of functionality that few can rival - their customer base has proved sticky in the long term and that's a great sign. And DXC's Xuber (for MGA's) is just about as bulletproof, configurable and comprehensive a system as money (a LOT of money) can buy for Enterprise-grade businesses.
What I've seen over the years is that virtually every platform can be exceptional for the right customer and some you think would be incredible have crashed and burned when aligned with the wrong one. It's all about understanding what you truly need and making sure the platform you choose can do it.
Any that you've come across that you think should be on the list?
In the interest of full disclosure, both I personally and Evermore Digital as a business may have worked previously, do work presently and may in future work in some capacity with vendors that appear on this list. Not a huge surprise, right? Much like an insurance broker, where we work with any customer to place them with any such provider, any earnings we stand to make from said vendor will be fully disclosed at the earliest possible juncture and our priority is finding the right solution. We tackle this tricky topic in a little more detail here: https://www.evermoredigital.com/post/how-can-evermore-digital-stay-agnostic